Legal Counselling

Vietnam: Using profits abroad in petroleum industry

14:48, 03/01/2019

On December 18, 2018, the State Bank of Vietnam issued Circular No. 31/2018/TT-NHNN, which specifies the abroad use of profits in the petroleum industry.

According to Circular No. 31/2018/TT-NHNN of the State Bank of Vietnam (SBV), using profits abroad in petroleum industry is carried out as follows:

- The investor that uses profits earned from the outward investment for increasing the investment capital or expanding investment activities abroad must carry out procedures for modification of the outward investment registration certificate with a competent authority of Vietnam in accordance with applicable regulations on the outward investment and must submit a report thereof to the SBV’s branch in province or city where the investor carries out the registration of the outward investment-related forex transactions in petroleum within a maximum period of 30 (thirty) business days from the issuance of the modified outward investment registration certificate.

- In case profits earned from the investment project abroad are used for investing in another petroleum project abroad, after obtaining the outward investment registration certificate for the new investment project, the investor must carry out the registration of the outward investment-related forex transactions in petroleum with the SBV.

View more details at Circular No. 31/2018/TT-NHNN of the State Bank of Vietnam, effective from February 01, 2019.

-Thao Uyen-

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

27 lượt xem

- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn